The State Trading Organization (STO) has announced a dividend of MVR 80 per share from last year’s profits. The decision was made during the Annual General Meeting (AGM) held last night at the Neeri Lounge of the Seaplane Terminal.
The proposal to distribute MVR 80 per share was overwhelmingly approved by 99 percent of the attendees, with 189 shareholders present. This amount represents an increase of MVR 3 per share compared to last year and is the largest dividend distributed by the company in the past decade. In the previous year, STO distributed MVR 77 per share.
STO’s financial performance last year was robust, with total revenue reaching MVR 16 billion, an increase of MVR 2 billion from the prior year. The net profit stood at MVR 819 million, reflecting a 10 percent rise compared to the previous year.
In addition to the dividend announcement, the AGM also confirmed Deloitte as the external auditor for the upcoming year. Deloitte will be compensated USD 65,500 (MVR 1,012,630) for their auditing services.
The increased dividend and strong financial results highlight STO’s successful year and commitment to delivering value to its shareholders.
